Business

ABFRL Buys 51% In Masaba Label For Rs 90 Crore

Aditya Birla Fashion and Retail Ltd (ABFRL) is set to pick up a 51% stake in House of Masaba Lifestyle Pvt. Ltd for Rs 90 crore, the company informed the stock exchanges. Brand Masaba, owned by designer Masaba Gupta, sells apparel, non-apparel, beauty and personal care products and accessories. The investment will strengthen Aditya Birla Fashion’s play into fashion for the young and digitally native consumers, it added. The companies will create a young, aspirational, and digital-led portfolio across affordable luxury in fashion, beauty, and accessories, it said. With this investment, brand Masaba seeks to clock annual revenue of Rs 500 crore in the next five years. New-age shoppers are seeking brands that are colourful, vivid, and digital, and the association marks an “important step in building presence in the fast-growing beauty and personal care segment," Ashish Dikshit, managing director, ABFRL, said.